Delay in L&L’s Park Avenue office development could boost project

TRD New York /
May.May 15, 2012 10:00 AM

L&L Holdings will have to wait until 2015 before it can begin developing Park Avenue‘s first new office tower in more than 30 years. According to the New York Post, that could be a blessing. The Bloomberg administration has begun pushing a rezoning of office buildings in the Grand Central area that would lift restrictions on new buildings.

The current codes allow a floor to area ratio of just 15 for newly constructed office towers, unless at least 25 percent of an existing structure is salvaged. In that case, towers built before 1961 that exceed the limit can be rebuilt to their previous square-footage.

As a result, L&L had been planning to keep one-quarter of the existing, 32-story structure, that opened in 1957 at 425 Park Avenue, when it sent out a request for proposals to a list of big-name architects. However, the firm can’t begin work on a new structure until 2015, when leases expire. By then, it’s possible that the zoning changes, first suggested by CBRE’s Mary Ann Tighe, will be passed.

“If they make the modification to City Planning, we would do full demolition and take advantage of it,” L&L Chairman David Levinson said. It would allow the firm to completely reconceptualize the $750 million project. [Post, 3rd item]


Related Articles

arrow_forward_ios
Justices Ellen Gesmer and Anil Singh with a Two Bridges Rendering (NY Courts)

Judges question need for public review of controversial Two Bridges projects

Judges question need for public review of controversial Two Bridges projects
State Legislators Linda B. Rosenthal and Brad Hoylman with 200 Amsterdam Avenue (Credit: Getty Images)

Pols slam city for backing developers of 200 Amsterdam

Pols slam city for backing developers of 200 Amsterdam
A rendering of 220 Amsterdam Avenue (Credit: 200 Amsterdam and iStock)

City backs developers in fight over 200 Amsterdam Avenue

City backs developers in fight over 200 Amsterdam Avenue
From left: L&L Holding Company's 425 Park Avenue with CEO David Levinson, Citadel Securities founder Ken Griffin, and Vornado Realty Trust’s 350 Park Avenue with CEO Steve Roth (Credit: (Photo by Michael Kovac/Getty Images; L&L Holding Company; Vornado)

Citadel Securities expands nearby lease while waiting on 425 Park

Citadel Securities expands nearby lease while waiting on 425 Park
200 Amsterdam (Credit: 200amsterdam.com)

City closes “loophole” that developers exploit to build towers

City closes “loophole” that developers exploit to build towers
Morry Kalimian, Gene Kaufman and Bill de Blasio and a map of the Special Union Square District (Credit: Getty Images, Studio Scrivo, New York State Courts)

Hotel developer sues city over special permit plan

Hotel developer sues city over special permit plan
From left: 200 Amsterdam Avenue, New York City Council Member Ben Kallos and 430 East 58th Street (Credit: Google Maps, Getty Images)

Midtown East condo tower could face big height cut following court order on 200 Amsterdam

Midtown East condo tower could face big height cut following court order on 200 Amsterdam
From left: David Levinson, MaryAnne Gilmartin and Rob Lapidus

Gilmartin splitting from Lapidus, Levinson

Gilmartin splitting from Lapidus, Levinson
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...